Property Buyers

Brooktop

I've been renting out my first house for over a decade - but have gotten fed up with being a landlord. The last tenants did a bunk, leaving me with a big expense to tidy the place up. It also needs decorating, new kitchen etc.
It has been on the market for a few months with no joy. What a surprise...not! I had hoped that an investor may have been interested because it's a 5 bed terrace and is under £100k.

I'm thinking of biting the bullet, spending some more money on it and trying to rent it again. I've also just filled in an online valuation request from one of these companies that offers to buy your house (they say for 75% - 90% of market value). Has anybody got any experience of these companies?

Any other suggestions warmly welcomed :huh:

Chris2685

I have heard nothing but bad things about those companies, although if you're not planning on living there, and want an easy sale, it could be worth it.

Premier_2

Well is's not worth £100k else it would probably have sold, so lets assume it's worth £80k

75% of £80k is £60k

Tell the EA you'll accept offers around £65k and that you expect to have half a dozen serious viewers arranged before Monday and I bet it'll be sold

mlz1413

To do it up is probably going to cost you £5k to £15k depending on work done and spec of work, plus then you will need to rent it again and be a LL again.

I'd do some research of your area and then put the house back on the market for £10k under the lowest price and see what happens in 6-8 weeks - if you don't get any viewings or offers you can then do it up and rent it again.

Brooktop

One of the staff at the EA advised 'off the record' that I take it off the market and rent it out again...and come back in 18mths time.

dopester

There were a few news articles out last week, suggesting spending significant money on improvement works carried out now... is unlikely to bring back much by way of added sale value in this market.

Perhaps someone better remembers the info / links.